How to determine value of your car?
Insured Declared Value (IDV) depends on value of vehicle and it changes as care ages due to depreciation.
Type of Car Insurance
Buying Third Party car insurance is mandatory as this is to cover injuries caused to any other person and their properties
Comprehensive insurance is recommended which includes collision, fire, sabotage, theft, natural calamities.
Insurance Regulatory And Development Authority (IRDAI) need to mandatory implement three-year insurance policy for cars and five-year policy for motorbikes at the time of sale and registration.
There is a continuous need for startups to disrupt the insurance sector with innovations as the pain points would be to make decisions over “REPAIR or REPLACE”. The car insurance sector is valued at Rs70,000 crore with insurance claims towering at a staggering 1.2 lakh crore nationally
Source
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